CLASSROOM: Forecast Your Profit on a Napkin

Notes from Chris

Episode 1290

Reminder: We are now more than halfway through the year.

 

On this newly updated page, you can scroll back and take a look or listen to anything you might have missed or that seems particularly relevant to you. I always encourage you to use your time well—if some of these topics are basic, then skip them. We still have two new stories or case studies each week, along with all of the interactive new features such as Q&A and TBT episodes.

https://sidehustleschool.com/classroom/

For the second half of the year, this Classroom series will appear twice a month instead of every week. That’s so I can continue to answer many of the questions that listeners have been sending in.

Two reminders as we jump in today:

• First: Your side hustle must have a clear plan to make money.
• Second: if you’re having a hard time deciding on an idea, it helps to consider each of your ideas according to a few criteria. I’ve done a whole episode on this topic - you can access it on that page.

So how do you figure out which idea has the most profit potential? You can do that by making a projection.

By forecasting profit and expense with a simple estimate, you’ll be able to make decisions for your hustle with far more confidence.

Expected income - Expected expenses = Projected profitOf course, to get the critical information of “How much money can I make with this idea?,” you’ll first need to make those estimates for income and expenses. To come up with your estimates for each factor, you’ll usually need to identify several other variables.

Listen to today's episode to learn more...

 

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THIS WEEK’S ASSIGNMENT:

Create a simple Profit Potential estimate for one of your ideas.

 

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Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,